Oil Firm Reorganizes To Advance Energy Efficiency Growth

As indigenous oil firm has continued to grow capacity following exit of major oil companies through strategic divestment, Axxela Limited has announced a leadership transition marking an important phase in the company’s strategic growth journey.

The company confirmed the retirement of its Group Chief Executive Officer, Timothy Ononiwu, having attained the company’s official retirement age, after nearly a decade of distinguished service.

It also announced the appointment of Moshood Olajide as the new Group Chief Executive Officer and Yetunde Demuren as Chief Financial Officer.

Under his leadership as chief financial officer, Ononiwu is said to have played a pivotal role in strengthening the company’s financial stability, overseeing expansion plans, and fostering strong partnerships across the energy value chain.

Speaking on Ononiwu’s retirement, chairman of the board of Axxela, Nzan Ogbe, expressed appreciation for his leadership and contributions to the organisation. “On behalf of the Board, I would like to thank Timothy Ononiwu for his commitment and significant contribution to Axxela as Group Chief Executive Officer and, before that, as Chief Financial Officer.

“Axxela has benefitted immensely from his dedication and strategic leadership over the years. His efforts have positioned the company for financial strength and long-term success, and we are grateful for the strong foundation he leaves behind.

“Following Timothy Ononiwu’s retirement, Moshood Olajide will assume the role of GCEO, where he will bring his visionary leadership to guide the company through its next phase of growth. His vast industry experience and deep understanding of the company’s post-divestment strategy position him well to lead the organisation to its next frontier,” he added.

Reflecting on his retirement, Ononiwu said, “As I begin this new chapter, I do so with immense pride in what we have built together. Leading Axxela has been one of the greatest honours of my professional life.

“I am deeply grateful to our employees, partners, and stakeholders whose dedication, innovation, and resilience have shaped our success. I remain confident that the strong foundation we have built will continue to drive growth and excellence for many years to come. I look forward to watching the next chapter unfold and wish the entire team continued success”.

The newly appointed GCEO, Moshood Olajide, brings extensive leadership experience in the energy and infrastructure sectors, with a strong track record in operational excellence, business growth, and strategic transformation, leveraging a legal, accounting, and corporate governance background.

In his new role, Olajide will lead Axxela through its next phase of expansion, focusing on advancing natural gas advocacy, expanding integrated energy offerings, deepening regional market footprint, and accelerating the delivery of cleaner and more reliable energy solutions.

The company also announced the appointment of Yetunde Demuren as chief financial officer, an elevation from her previous role as head of corporate finance and treasury management.